Employees put in even more time than usual because overseas vacations are still not an option, and managers believe workers have “nothing better to do” than to be available at all times. Therefore, it’s understandable that you’re considering leaving corporate America behind and embarking on a new entrepreneurial adventure. 

The positive aspect is that, from an administrative standpoint, Singapore ranks among the world’s most straightforward countries to establish a business in. But getting a good business plan into action is a whole different ball game. 

What follows is a detailed explanation of the steps that company owners must take. 

Laying the Foundation (In Your Mind and on Paper)

An entrepreneur has to brew coffee, settle down, and give the concept some mental space before diving into the details. Next, make an effort to include your thoughts in the company’s plan, even if it’s only a rough draft. However, before getting into company formation Singapore, you need to be sure that your proposal can bring in more money than it spends.

After that, to learn about the industry you will stab your toe into, conduct some online study, or speak with specialized members. Does that market require your service or product? Modifications to your company strategy are likely in the future. Figure out the overhead costs and see if you can reduce them

Obtain the accurate location

To register your business in Singapore, you’ll need to provide the local address of the place you plan to rent out. Because people will be using this address to find your business, it is crucial. Your online clients will use this address to find you and any necessary paperwork or deliveries will be delivered to this address alone. If you want to run a business out of the location, secure permission through the Urban Redevelopment Authority. 

If your current office space is insufficient, you can apply to the Home Office Scheme for authorization to use your leased property as a business location. On the other hand, some restrictions exist, such as not promoting it on billboards or employing a maximum of two foreign nationals. 

Get funding

Your company plan is complete, and you have a solid idea. To make your ambitions a reality, you must now raise funds. 

Estimating the amount of funds you will require is the first step. Your organization’s nature, size, and scope will determine the exact range. 

The initial investment required to launch a small, bootstrapped firm could be little. For example, one may use one’s funds to launch a small business offering skills as a private teacher, music instructor, web developer, or illustrator. 

However, a six-figure investment may be necessary to launch some company models, such as conventional physical stores or food and beverage outlets. 

Here are some options for obtaining funding if your savings are insufficient: 

  • Crowdfunding sites such as Kickstarter, Indiegogo, FundedHere, and Fundnel make it easy to solicit financial support from individuals online. 
  • Funding for first-time entrepreneurs is available through a government plan called the ACE Startups Award. Additionally, new companies can apply for one of many Startup SG Founder awards. 
  • To find out if venture capitalist companies or angel investors are interested in acquiring your business, you may reach out to them. But before accepting an offer, you should look into them to ensure you understand all the fine print and that their ideals are congruent with your own. 
  • Near and dear ones: Inviting loved ones to put money into your company is a great idea. But make sure they know what to expect regarding hazards, and you know how they’ll get their money back. 
  • Getting a loan is easy, but it will put you in a financial bind. Check out what other banks and credit unions offer in terms of interest rates. 

  Obtain a business license.

The ACRA website makes the process of incorporating a business simple and fast. 

A $15 company name reservation is the first step. Assuming it is not already in use and contains no profanity, your proposed business name should be authorized. Your company entity can thereafter be incorporated. 

You’ll need to choose a legal structure for your company. The most common options are: Forming a corporation ($300) allows you to establish a legal entity distinct from its owners. Consequently, the proprietors’ wealth is not at risk in the event of a corporate failure. 

One hundred dollars for a sole proprietorship – This is the most straightforward business structure to set up if you’re a sole proprietor. On the other hand, it implies that you will have to pay for whatever your company owes. This is a fantastic option for home-based private tutors and other entrepreneurs who don’t need a significant initial investment.  

Two or more individuals can form a partnership for $100 if they want to start a business together and are willing to take on personal liability for any business debts or obligations. Instead of forming a corporation, you could choose to form a partnership if your firm is small and straightforward with few overhead costs. 

Get in touch with the company licensing to ask questions

Completing the licensing process is a major milestone in setting up a business in Singapore. Even though the Accounting and Corporation Regulatory Authority (ACRA) will let you get the necessary license after the organization is incorporated, it’s still a good idea to study the legal conditions beforehand to make sure neither you nor your business gets into trouble with the law. 

Examining the Visa Situation 

Consider obtaining visas for each team member you intend to bring to the nation. Professional workers, managers, or executives (directors) can come to Singapore on an employment pass. These passes are valid for 1-2 years and can be renewed several times as long as the workers meet the conditions.  

Directors need to remember that to use Employment Pass, the business registration must be finalized. The sole alternative for entrepreneurs who must reach Singapore before commencing the incorporation process is EntrePass. 

By working with a company that offers both incorporation and migration services, entrepreneurs may avoid the stress of dealing with multiple visa applications and piles of paperwork. From brainstorming a company idea to registering it and relocating employees, all of it is handled by one visa agency.  

Those who own shares

Any entity, legal or not, and any country worldwide can be a shareholder. Remember that as a stakeholder in a firm, you are not eligible to apply for an EP. Instead, you must submit an application for an EntrePass that must meet several conditions, including having a registered IP or approval from a VC/Angel or incubator.  

In the end! 

Yes, you’ve got a few more things to sort out before you launch, and there are some exceptions to the basic principles we laid out above. However, following these seven steps, you should have no trouble incorporating and bringing your firm to life! 

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